(News Bulletin 247) – Vodafone today presents its preliminary results for 2023. Total revenue increased by 0.3% to 45.7 billion euros (fiscal year 22: 45.6 billion euros ).
Adjusted EBITDAaL was down 1.3% to €14.7 billion as revenue growth was offset by higher energy costs and commercial underperformance in Germany. The adjusted EBITDAaL margin was 1.4 points lower compared to the previous year, at 32.1%.
Operating profit increased to €14.3 billion and the group reported a profit for the period of €12.3 billion (FY22: €2.8 billion), largely reflecting a gain on the sale of Vantage Towers.
Margherita Della Valle, Group Managing Director, commented: ‘Our performance has not been good enough. To keep up, Vodafone needs to change. We will simplify our organization, eliminating complexity to regain our competitiveness.’
Based on current assessments of the global macroeconomic outlook, Vodafone expects FY24 Adjusted EBITDAaL to be ‘broadly stable’ at approximately €13.3 billion and Adjusted Free Cash Flow of approximately €3.3 billion. euros, ‘reflecting expected movements in working capital, interest and dividend income’.
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